The following are key events that we have chosen to highlight in the report:

• Net Sales of SEK 19.2m (18.1), +6% Y-Y, +12% FX-Adjusted
• Invoicing of SEK 22.2m (16.6), +34% Y-Y, +51% FX-Adjusted
• Collections of SEK 22.0m (26.5), -17% Y-Y
• MRR of SEK 4.4m (4.1), +7% Y-Y, +22% FX-Adjusted Stod at SEK 5.0m
• OPEX of SEK 24.8m (35.2), -30% Y-Y – Simplification Programme On Target
• EBITDA of SEK -9.2m vs. Estimate of SEK -5.4m – Miss Driven by Revenue, OPEX Tracking Ahead of Plan
• Total Available Liquidity Narrowed to SEK 3.7m at end of Q1-26, with a SEK 5m Credit Facility Added Post-Quarter

In summary, Analyst Group views Q1-26 as a quarter that meaningfully reinforces the operational progress of the transformation, with multiple reinforcing dynamics materializing in parallel. OPEX declined 30% Y-Y to SEK 24.8m, with further reductions still to flow through as executed cost actions reach full-quarter effect. While net sales fell short of Analyst Group’s estimate, a better-than-expected gross margin and lower-than-expected OPEX cushioned the impact, leaving adj. EBITDA at SEK -9.2m, an absolute Y-Y improvement of approx. SEK 14m. With invoicing rising by 51% FX-adjusted to SEK 25.0m, FX-adjusted MRR reaching SEK 5.0m, and the post-quarter USD 1.0m airport contract, Analyst Group views the quarter as a structural validation of Irisity’s partner-first commercial model. Although the available liquidity of SEK 3.7m at quarter-end was strengthened by the additional SEK 5m credit facility in early Q2-26, the financial position remains under pressure. Hence, three execution variables will determine the pace of Irisity’s path to cash flow neutrality during 2026: the cash conversion of the elevated invoicing through H1-26, the materialization of the residual cost actions in the Q2-26 P&L, and the navigation of the constrained liquidity position through the seasonally weaker first half of the year.

Read Analyst Group’s comment on the report here

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This is a press release from Analyst Group regarding the publication of a comment on Irisity. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.